Deeming Rules – bad news for pensioners and self-funded retirees
On 4 February 2015 the Reserve Bank of Australia cut the official cash rate to a fresh all time record low of 2.25%. Many economists are factoring another cut to 2% this year. While this all-time low is good news for families with , it is bad news for pensioners and self-funded retirees that rely on interest income from their cash savings. The average...
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Government Finances Causing Aged Care Hospital Crisis
Seniors in Sydney and beyond are being forced to stay in hospitals instead of being given appropriate aged care services according to local government representatives. This has prompted stakeholders to voice their concerns regarding key aged care issues in a senate inquiry recently. The termination in the Federal Budget of the National Partnership Agreement on Financial Assistance for Long Stay Older Patients last May had...
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Living and Dying Well In Sydney: Your Journey To Better Aged Years
If you were asked about how you want to live the last years of your life, what would you say? Would you like to live your life to the fullest, travel the world, or spend more time with your grandchildren? We usually have everything planned out when it comes to our advanced years but have we thought about how we want to die? This always...
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Dementia Care, Not Just Aged Care
It is National Dementia Awareness Month this September, an event that we here at Sydney Aged Care Financial Advisers think deserves support. Dementia is a very confronting disease. It is often a hard road for both the person with the condition and their family, but with strong cooperation and support from relatives and community, dementia can be faced bravely by anyone. However, there are many misconceptions...
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Nursing Home Fees Up? New Aged Care Laws Hit Sydney Residents
From today (1 July 2014) the aged care system in Australia undergoes massive change. The Living Better, Living Longer Aged Care reforms become law, after five years of industry & community consultations. Two federal governments, three Prime Ministers and countless reviews later the moment has arrived. How will it affect you? We make some predictions below with our post Nursing Home Fees Up? New Aged Care Laws...
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Angry Seniors In The Media Over Aged Care Changes
The Living Better, Living Longer aged care reforms are finally approaching launch date of 1 July 2014 and now the media is getting very interested. See this Channel 9 ‘exclusive’ financial report above. The scope of these changes is far-reaching, and will make aged care more expensive for many. I expect that interest in this issue will take off over the next few weeks as...
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Sydney Aged Care Guide: 6 Essential Nursing Home Tips for Families
Ok, you’ve officially begun the aged care journey….. Maybe you have a parent or much loved family member whose health is quickly deteriorating; or they’ve just had an ACAT assessment ? Your head is probably spinning with questions. Where to from here? What’s next? Have I missed anything? Aged Care Guide: 6 Essential Nursing Home Tips for Family is designed to map out the key aged...
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Ageing is a ‘Horror Show’ – For Government Finances and Your Personal Assets
We live in amazing times. The ageing of Australia’s population has long been known as a growing problem for government expenditure. In fact, it first came to national prominence when Treasurer Peter Costello released his Intergenerational Report way back in 2003. It’s not as if we weren’t warned about the demographic pressures facing our country. Only now however is it becoming clear that Ageing is...
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Plan For Aged Care – 5 Times When You May Need Financial Advice
Like most things in life, when it comes to aged care some forward planning helps. The process of admission into nursing homes is different for everyone. In many cases, mum or dad’s health deteriorates slowly over a long period of time and families have plenty of warning to get prepared and seek information. Our free guide to aged care finances is a useful resource for...
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Do I Need to Sell My Home to Pay Aged Care Bond and Nursing Home Costs?
As financial planners who specialise in aged care advice, one of the most common questions we get asked is: do I need to sell my home to pay the aged care bond and nursing home costs? The quick answer is ‘maybe’, but increasingly ‘no’. What do I mean by this? First, let’s start with the typical problem. You or a family member have been confronted...
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